Algorand’s Listing On Coinbase Leads To A 37% Surge In Its Price

  • The world’s first purest form of Proof-of-Stake (PoS) platform’s digital currency ALGO is now listed on a cryptocurrency exchange, Coinbase Pro.
  • The increased supply of ALGOs considered one of the main reasons for the spike in price.
  • The price of ALGO expected to surge and hover around $0.40.  

The world’s first purest form of Proof-of-Stake (PoS) platform’s digital currency ALGO is now listed on a cryptocurrency exchange, Coinbase Pro. Silvio Micali founded Algorand (ALGO) in 2017 and promises to solve problems of blockchain infrastructure. The increased supply of ALGOs considered one of the main reasons for the spike in price. Additionally, the coin listing on Coinbase had a massive impact on its price.

ALGO’s Functionality Makes it a Unique Selling Point

The currency that works on permission-less mechanism has bolstered the borderless financial economy. The digital currency enters the network via development grants, sales, and participation rewards. Validators are not rewarded or risk being slashed, unlike Bitcoin. Furthermore, the network devoid of locking of tokens making them available at all times. All the above points make the cryptocurrency viable and consequently increase its demand. 

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Algorand (ALGO) reached an all-time high of $3.28 on 21st June last year. It has a maximum supply of 10,000,000,000 and currently, only 8% are in supply. Algorand equipped with cryptographic sortition and participant replaceability that increase the privacy and security of transactions.     

Fundamental properties guaranteed by Algorand 

Users allowed to read every block and thus have common knowledge about the functioning of the network. 

Future blocks constructed in such a way that everybody can write a transaction in it. Transactions are so secure that it is quite difficult to alter them.

The firm aims to make the network tamper-proof to offer the simplest financial services to all investors. The now efficient Proof-of-Stake network is meticulously designed to solve uncertainty around block disappearance. 

Algorand has a lot of ground to cover compared to other cryptocurrencies

The currency is trading far above the current EMAs at $0.37. There has been a slight drop in the trading volume, however, the bull flag has been waived for the time being. The price of algorand expected to surge and hover around $0.40. Lastly, its innovative intersection of public and private solutions for the growth of digital assets is beneficial.   

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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